The most profitable businesses we act for all have one thing in common – they plan ahead.
They have a target/objectives which they regularly monitor to see how they are doing and they are flexible enough to change direction if needs be. Writing and implementing a clear plan to drive the growth of your business is essential and probably the single most important thing you do in your business. The three main benefits are:
1. Planning helps you by providing guidelines and goals for future decisions.
2. It helps you exercise more control in a situation, establish goals ‘proactively’ and consider contingencies.
3. It can help insure a set of actions are implemented that are consistent with your business values and priorities.
So how do you start this process? Firstly, take some time out to write down your business objectives such as what the business should be doing over a number of periods. Consider:
-Quality and others
In essence, have a good think about what your business should look like in 3/6 or 12 months’ time and write down your targets. Measure these monthly, know your key performance indicators and be prepared to change direction now and again.
If you are thinking of writing your business plan, please talk to us. We have tools and templates that may be of use and we would be delighted to help formulate your plan. It is always good to have a plan for your business future.
Controls for your business that assist in achieving your targets and objectives
Management controls are essential for every business and focus on execution; controls are designed to prevent issues occurring to ensure no adverse effects on business operational performance. Controls that are common in most business are Procedures for each Process, Segregation of Duties, Approval process, Systems access controls and others. Management controls are there to enable a better decision making policy, which works from the business base and from the Management down.
This enables the organisations objectives and strategies to be reflected throughout the organisation through staff behaviours and decisions. Good Management control ensures the culture within the organisation is influenced and the benefit to the business is the optimisation of the organisations objectives.
In review of your business can you answer the question do your employees understand their role, are they capable and competent to carry out their function? Are they motivated to carry out their function within the organisation? Are they aware of the clear objectives and goals of the business? Are they aware of the management controls and the importance of them to the organisations objectives. To understand and answer these questions is important as it highlights the management control issues.
The business is only as good as its team therefore the business is its team, to ensure organisations objectives and targets are met, management controls are essential to their success.
Contact AAL on 0526137775 E:firstname.lastname@example.org W:www.aal.ie